Faculty Research
Featured Article from Journal of Financial Economics
Bizjak, J., Lemmon, M., Nguyen, T. (2011). Are All CEOs Above Average? An Empirical Analysis of Compensation Peer Groups and Pay Design. Journal of Financial Economics, 100(3), 538-555.
Abstract: Companies can potentially use compensation peer groups to inflate pay by choosing peers that are larger, choosing a high target pay percentile, or choosing peer firms with high pay. Although peers are largely selected based on characteristics that reflect the labor market for managerial talent, we find that peer groups are constructed in a manner that biases compensation upward, particularly in firms outside the Standard & Poor's (S&P) 500. Pay increases close only about one-third of the gap between the pay of the Chief Executive Officer (CEO) and the peer group, however, suggesting that boards exercise discretion in adjusting compensation. Preliminary evidence suggests that increased disclosure has reduced the biases in peer group choice.
Article in top-tier refereed academic journal
Agrawal, V., Agrawal, V. K., Rungtusanatham, M. Johnny (2011). The Quality of Operations Management Journals and the Implications of Using the Author Affiliation Index as a Measure of Quality. Production and Operations Management, 20(2),280- 300.
Bhootra, A. (2011). Are momentum profits driven by the cross-sectional dispersion in expected stock returns? Journal of Financial Markets, 14(3),494-513.
Farka, E., DaSilva, A. (2011). The fed and the term structure: Addressing simultaneity within a structural VAR model. Journal of Empirical Finance, 18(5),935-952.
DaSilva, A., Farka, E., Giannikos, C. (2011). Habit Formation in an Overlapping Generations Model with Borrowing Constraints. European Financial Management, 17(4),705-725.
Jiang, Y., Billett, M., Garfinkel, J. (2011). The Influence of Governance on Investment: Evidence From a Hazard Model. Journal of Financial Economics, 102(3),643–670.
Bizjak, J., Lemmon, M., Nguyen, T. (2011). Are All CEOs Above Average? An Empirical Analysis of Compensation Peer Groups and Pay Design. Journal of Financial Economics, 100(3),538-555.
He, E., Sommer, D. W., Xie, X. (2011). The Impact of CEO Turnover on Property-Liability Insurer Performance. Journal of Risk and Insurance, 78(3),583-608.
Article in refereed journal
Kashefinejad, D. (2012). A Multivariate GARCH Analysis of International Value and Growth Equity Returns and Volatility. Journal of International Business Research, 11, 25-34.
Chan, S. H., Wang, K., Yang, J. (2012). Presale contract and its embedded default and abandonment options. Journal of Real Estate Finance and Economics, 44, 116-152.
Ghosh, D., Chang, C.-H., Dandapani, K., Zahar, A. A. (2011). A Note on a possible solution for the foreclosure crisis: 40-Year GPM. International Journal of Business, 16(1), 103-110.
Ghosh, D., Ghosh, D. K., Zahar, A. A. (2011). Business, ethics, and profit: Are they compatible under corporate governance in our global economy?. Global Finance Journal, 22(1), 72-79.
Greco, J. F., Lu, W., Deng, Z. (2011). China and outsourcing offshore in the 21st century: The next ten years. Journal of WTO and China, 1, 95-108.
LaCour-Little, M. J., Yu, W., Calhoun, C. (2011). What role did piggyback lending play in the housing bubble and mortgage collapse. Journal of Housing Economics, 20(2), 81-100.
LaCour-Little, M. J., Fortowsky, E., Rosenblatt, E., Yao, V. (2011). Housing tenure and mortgage contract. Journal of Real Estate Finance and Economics, 42(2), 162-180.
Qiao, Z., Li, Y., Wong, W.-K. (2011). Regime-dependent relationships among the stock markets of the US, Australia and New Zealand: a Markov-switching VAR approach. Applied Financial Economics, 21(24), 1831-1841.
Li, Y., Lu, W., Zhong, M. (2011). The predictability of industry portfolio returns. Applied Economics, 43(22), 2865-2881.
Li, Y. (2011). Time-Varying Stock Returns and Labor Income Risks in the US and UK. European Journal of Finance, 17(4), 321-336.
Cheng, P., Lin, L., Liu, Y. (2011). Do Women Pay More for Mortgages?. Journal of Real Estate Finance and Economics, 43(4),423- 440.
Cheng, P., Lin, L., Liu, Y., Zhang, Y. (2011). Has Real Estate Come of Age?. Journal of Real Estate Portfolio Management, 17(3), 243-254.
Cheng, P., Lin, L., Liu, Y. (2011). Heterogeneous Information and Appraisal Smoothing. The Journal of Real Estate Research, 33(4), 443-469.
Cheng, P., Lin, L., Liu, Y. (2011). Property Delisting, Market Cycle and Housing Price Bias. Journal of Housing Economics, 20, 152- 157.
Li, Y., Lu, W., Zhong, M. (2011). The predictability of industry portfolio returns. Applied Economics, 43(22), 2865-2881.
Xie, X., Lu, W., Reising, J., Stohs, M. H. (2011). Demutualization, Control, and Efficiency in the U.S. Life Insurance Industry. Geneva Papers on Risk and Insurance Practice, 36, 197-225.
Greco, J. F., Lu, W., Deng, Z. (2011). China and outsourcing offshore in the 21st century: The next ten years. Journal of WTO and China, 1, 95-108.
Park, S. , Lemaire, J. (2011). Culture Matters: Long-Term Orientation and the Demand for Life Insurance. Asia-Pacific Journal of Risk and Insurance, 5(2), 1-21.
Xie, X., Lu, W., Reising, J., Stohs, M. H. (2011). Demutualization, Control, and Efficiency in the U.S. Life Insurance Industry. Geneva Papers on Risk and Insurance Practice, 36, 197-225.
Chan, S. H., Wang, K., Yang, J. (2011). A rational explanation for boom-and-bust price patterns in real estate markets. International Real Estate Review, 14(3), 257-282.
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